OCC issues final rule rescinding CRA rule

The OCC issued a final rule to rescind its June 2020 Community Reinvestment Act rule and reinstate the 1995 interagency CRA rule.

Details: Effective Jan. 1, the final rule applies to national banks as well as federal and state savings associations.

ICBA Position: In a recent comment letter and joint letter with other groups, ICBA said it supports the recission but opposes an outright return to the 1995 rule for provisions of the 2020 rule that banks have already implemented.